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Cover IMF Staff Country Reports
India: Selected Issues
International Monetary Fund. Asia and Pacific Dept
This Selected Issues paper evaluates corporate and banking sector vulnerabilities in India. The analysis shows that while corporate sector risks have subsided, debt repayment capacity remains strained, and high leverage continues to weigh on corporate resilience, which may pose further risks to banks’ asset quality. Public sector banks have stepped up recognition of nonperforming assets, but their debt recovery capacity remains weak. Simulations suggest that potential recapitalization needs, at current provisioning levels, should have a modest fiscal impact.
Keywords:
ISCR; CR; Center; India; product market; income; labor market rigidity; product market regulation; debt intolerance; UBI scheme; intolerance approach; fuel tax reform; Personal income; Labor markets; Income inequality; Global; Africa; Asia and Pacific
Cover IMF Staff Country Reports
Front Matter
International Monetary Fund. Asia and Pacific Dept

GSDP References INDIA: UNIVERSAL BASIC INCOME PROPOSALS TABLES 1. Arguments for and against UBI Scheme 2. India’s UBI Proposals 3. Cross-Country Comparisons of UBI Schemes 4. Fiscal Affordability References INDIA’S EXPORTS: WHAT IS BEHIND THE SLOWDOWN? FIGURE 1. India: Export Structure TABLE 1. Drivers of Export Growth in Major Emerging Markets References CAPITAL CONTROLS AND CAPITAL FLOWS TO INDIA FIGURE 1. India: Capital Flows 2. India: FDI Equity Flows 3. Openness of the Capital Account 4. India

Keywords:
ISCR; CR; Center; India; product market; income
Cover IMF Staff Country Reports
India: Selected Issues
International Monetary Fund. Asia and Pacific Dept

summarizes the arguments for and against the establishment of a UBI scheme. If carefully designed as part of a strategy to reform an inefficient social protection system, UBI may play a role and help reduce waste and inequality. Nevertheless, concerns related to fiscal costs and affordability also weigh heavily on public discussions. Table 1. Arguments for and against UBI Scheme Arguments for Arguments against More transparent and simple welfare system, eliminating leakage, wastage, and corruption. Administrative efficiency, simple

Keywords:
ISCR; CR; Center; India; product market; income; UBI proposal; UBI cash transfer; UBI referendum; UBI calculation; UBI pilot project; Personal income; Public expenditure review
Cover IMF Working Papers
Universal Basic Income: Debate and Impact Assessment
Maura Francese and Delphine Prady
This paper discusses the definition and modelling of a universal basic income (UBI). After clarifying the debate about what a UBI is and presenting the arguments in favor and against, an analytical approach for its assessment is proposed. The adoption of a UBI as a policy tool is discussed with regard to the policy objectives (shaped by social preferences) it is designed to achieve. Key design dimensions to be considered include: coverage, generosity of the program, overall progressivity of the policy, and its financing.
Keywords:
WP; UBI; income; cost; program
Cover IMF Staff Country Reports
Kuwait: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait
International Monetary Fund. Middle East and Central Asia Dept.
Sustained political gridlock has hobbled reforms and increased macroeconomic vulnerabilities, but a new high-level effort offers hope for resolving the impasse. The authorities have been preparing a comprehensive reform plan which, if adopted by parliament, would pave the way to address the structural and fiscal imbalances in the economy and promote sustainable and inclusive growth. The authorities responded swiftly and decisively to the COVID-19 crisis with social distancing restrictions and fiscal, monetary, and financial policy support measures. In 2021, a high rate of vaccination was achieved, although there has been a major surge in infections with the recent arrival of the Omicron variant. A nascent economic recovery is underway, supported by higher oil prices and some relaxation of mobility restrictions. However, substantial uncertainties to the economic outlook underscore the importance of phasing out COVID-19 relief measures at a measured pace as the economy recovers, and of accelerating the reform momentum to limit risks and rebuild buffers. Banks entered the crisis from a position of strength and have remained well capitalized and highly liquid.
Keywords:
plans aim; crisis well; Fund standard; reform measure; program of action; CPI basket weight; authorities reform plan; reform program place; financial asset; transparency policy; Oil prices; Income; Loans; Fiscal stance; Global
Cover IMF Working Papers
Universal Basic Income: Debate and Impact Assessment1
Maura Francese and Delphine Prady

benefit being benchmarked as a fraction of median equivalent income. Depending on the financing method considered (see Section V below) the UBI could be complementing existing social spending programs or substituting some of them. Looking at Figure 1 , the UBI considered in the present paper is mostly located on the right side of the chart. As noted above, proponents and opponents of the UBI have often highlighted different aspects of the instrument, with many arguments in favor mirroring those against. Advocates of UBI-schemes argue that they can help address

Keywords:
WP; UBI; income; cost; program; advocates of UBI-scheme; features of a universal basic income
Cover IMF Staff Country Reports
Kuwait: 2021 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Kuwait
International Monetary Fund. Middle East and Central Asia Dept.

. Possible options for reforming the return to citizenship which would also facilitate social support for deeper fiscal (including wages, subsidies, and social spending) and structural reforms include a Universal Basic Income (UBI) scheme or a Norwegian style social safety net based on open access by citizens rather than need (or wage) based targeting. Broad public consultations would be required to settle on the right scheme for Kuwait. 21. Staff discussed an illustrative adjustment scenario with the authorities ( Text Table 1 ). Under the scenario, revenue measures

Keywords:
financial support; IMF staff calculation; government effectiveness; borrowing authorities; government efficiency; Oil prices; Global